お知らせ • May 10
Nasdaq Grants iPower Inc.'s Request for an Additional Grace Period, or Through November 3, 2023, to Regain Compliance
As previously disclosed, on November 9, 2022, iPower Inc., a Nevada corporation (the Company"), received a deficiency letter from the Listing Qualifications Department (the Staff") of the Nasdaq Stock Market (Nasdaq")notifying the Company that, for the preceding 30 consecutive business days, the closing bid price for the Company's common stock was trading below the minimum $1.00 per share requirement for continued inclusion on TheNasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(3) (the Bid Price Requirement"). The notification received from Nasdaq had no immediate effect on the Company's Nasdaq listing and the Company's common stock has continued to trade on Nasdaq under the ticker symbol IPW." In accordance with Nasdaq Rules, the Company was provided an initial period of 180 calendar days, or until May 8, 2023 (the Initial Grace Period"), to regain compliance with the Bid Price Requirement. Because the Initial Grace Period was coming to an end and the Company had yet to regain compliance, at the beginning of May 2023, the Company submitted a request for an additional 180-day extension (the Additional Grace Period") to Nasdaq to allow the Company additional time to regain compliance. On May 9, 2023, Nasdaq granted the Company's request for an Additional Grace Period, or through November 3, 2023, to regain compliance. As a result, if at any time before the end of the Additional Grace Period the closing bid price for the Company's common stock is at least $1.00 for a minimum of 10 consecutive trading days, the Staff will provide the Company written confirmation of compliance with the Bid Price Requirement. If, however, the Company does not regain compliance with the Bid Price Requirement during the Additional Grace Period, the Company will need to complete a reverse stock split to regain compliance. At the Company's most recent annual meeting, held April 26, 2023, a majority of the Company's stockholders approved (the Stockholder Approval") the ability of the Company's board of directors to effectuate a reverse stock split of between 1-for-2 or 1-for-4 shares of common stock (the Reverse Stock Split"), which the Company believes will be adequate to bring the Company back into to compliance with the Bid Price Requirement should the Company be unable to timely regain compliance through market forces alone. Notwithstanding the aforementioned Stockholder Approval to effectuate the Reverse Stock Split, in the event the Company does not regain compliance with the Bid Price Requirement during the Additional Grace Period, the Staff will provide written notification to the Company that its common stock will be subject to delisting. At such time, the Company may appeal the Staff's delisting determination to a Nasdaq Hearings Panel. There can be no assurance that the Company will regain compliance or otherwise maintain compliance with any of the other listing requirements. Nonetheless, the Company intends to monitor the closing bid price of its common stock and may, if appropriate, consider available options, including effectuating the Reverse Stock Split, in order to regain compliance with the Bid Price Requirement and maintain its Nasdaq listing.